what Ron Paul really said!

It has become fashionable for the political elite to try to distort Ron Pauls statements for political gain or even put entirely new words into his mouth. Just the other day, Treasury Secretary Tim Geithner said, Even [Ron Paul] recognizes how important it is to us to have the Fed independent of politics.

Now Barney Frank claims that [Ron Paul] agrees that we dont want to have the audit appear as if it influences monetary policy as that would be inflationary.

Ron Paul never said that an audit of the Federal Reserve would be inflationary. In fact, he has credibly demonstrated the exact opposite: that the secretive Federal Reserve itself is responsible for inflation, with the dollar having lost 96% of its value since the Feds creation in 1913.

Here is what Ron Paul actually said about HR 1207, the bill to audit the Federal Reserve, and why only a real audit will protect the publics interest.

Ron Paul: Mr. Speaker, the big guns have lined up against HR 1207, the bill to audit the Federal Reserve. What is it that they are so concerned about? What information are they hiding from the American people? The screed is: transparency is okay except for those things they dont want to be transparent.

Federal Reserve Chairman Ben Bernanke, argues that HR 1207, the legislation to audit the Federal Reserve, would politicize monetary policy. He claims that monetary policy must remain independent, that is; secret. He ignores history because chairmen of the Federal Reserve in the past, especially when up for reappointment, do their best to accommodate the president with politically driven low interest rates and a bubble economy.

Former Federal Reserve Board Chairman Arthur Burns, when asked about all the inflation he brought about in 1971 before Nixons reelection, said that the Fed has to do what the president wants it to do, or it would lose its independence. That about tells you everything.

Not by accident Chairman Burns strongly supported Nixons program of wage and price controls the same year, but I guess thats not political. Is not making secret deals with the likes of Goldman Sachs, international financial institutions, foreign governments and foreign central banks politicizing monetary policy?

Bernanke argues that the knowledge that their discussions and decisions will one day be scrutinized will compromise the freedom of the Open Market Committee to pursue sound policy. If it is sound and honest and serves no special interest, whats the problem?

He claims that HR 1207 would give power to Congress to affect monetary policy. He dreamt this up to instill fear, an old statist trick to justify government power. HR 1207 does nothing of the sort. He suggested that the day after an FOMC meeting, Congress could send in the GAO to demand an audit of everything said and done. This is hardly the case. The FOMC function under HR 1207 would not change.

The detailed transcripts of the FOMC meetings are released every 5 years, so why would this be so different and what is it that they dont want the American people to know? Is there something about the transcripts that need to be kept secret, or are the transcripts actually not verbatim?

Fed sycophants argue that an audit would destroy the financial markets faith in the Fed. They say this in the midst of the greatest financial crisis in history brought on by none other than the Federal Reserve. In fact, Chairman Bernanke stated on November 14th 2007, A considerable amount of evidence indicates that Central Bank transparency increases the effectiveness of monetary policy and enhances economic and financial performance.

They also argue that an audit would hurt the value of the U.S. dollar. In fact, the Fed, in less than a 100 years of its existence, has reduced the value of the 1914 dollar by 96%.

They claim HR 1207 would raise interest rates. How could it? The Fed sets interest rates and the bill doesnt interfere with monetary policy. Congress would have no say in the matter and besides, Congress likes low interest rates.

It is argued that the Fed wouldnt be free to raise interest rates if they thought it necessary. But Bernanke has already assured the Congress that rates are going to stay low for the foreseeable future. And again, this bill does nothing to allow Congress to interfere with interest rate setting.

Fed supporters claim that they want to protect the publics interest with their secrecy. But the banks and Wall Streets are the opponents of HR 1207, and the people are for it. Just who best represents the publics interest?

The real question is: why are Wall Street and the Fed so hysterically opposed to HR 1207? Just what information are they so anxious to keep secret? Only an audit of the Federal Reserve will answer these questions.

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[popination]

Ron Paul is the man!!!

[asperin]

Bernanke says that HR 1207 would incite discussion.

Discussion is bad, debate is bad, slaves need to pay the FED and let them live like kings. Sure...

[fcspike]

Ron Paul 2012!

[briggs9187]

Please people, do not listen to the Mainstream Media, Ron Paul will WIN the Republican Bid and he will WIN the Presidency, we can all make this happen, Money Bomb At RONPAUL2012. We can all make it happen only when we all make it happen, don't wait for it to happen.

Ron Paul 2012.

[Stringyheads]

Ron Paul must be the only one that gives a shit up there in congress. Hes the only one i would trust.

[liberty81414]

The Truth Marches On........If you know the real deal, then the truth is easier to accept. The truth is always going to be our focus in this revolution Ron Paul 2012

[sga86]

@delanogaston and UN Resolution lol... it just might one day :(

[MrTitiez]

Ron Paul has never lost any debate,any argument.

He is an intelligent politician who believes in freedom.

END THE WAR ON DRUGS. END THE WAR ON TERROR.

RON PAUL 2012!

[temudjin1155]

@delanogaston Ahaha ! Fingers crossed !

[delanogaston]

@temudjin1155 I love these comments from foreign nations! I wish they opened the next election to everyone under NATO! lol

[temudjin1155]

I'm french living in Paris and listened to R. Paul 's speeches for months. His speeches are the best ones I've ever listened to, even in my country. Hope he's gonna be next US president not only for America but for the whole world too

[crazy456eyes]

Wish we had a peoples leader here in UK. They are all clones of Obama here